Final German and Spanish CPI data confirmed the previous reading and showed the lack of inflation in the Eurozone. Infighting inside the ECB in regards to Draghi’s restart of QY continues, the ECB is set to resume bond purchases on November 1st. The EURCAD remained stuck at resistance, how will the final day of US-China trade negotiations impact price action? Today’s fundamental analysis will cover both sides of price action.

As forex traders will await the Canadian employment report for September, the Canadian Dollar received a boost after an Iranian oil tanker was attacked in the Red Sea. Iran blames Saudi Arabia for the attack and oil prices surged above $60 per barrel. Supply fears have now once again flared up as the global economy is heading closer towards a recession. Will bears be able to ignite a sell-off back into support or are bulls strong enough to force a breakout in the EURCAD despite the fundamental economic weakness in the Eurozone? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.